Both agreed, however, that the technology will inevitably change the way we live and work, perhaps like no other technology has. If you’re a business leader planning your own AI implementation, there are several steps you can take to both minimize short-term challenges and maximize long-term value. Technology helps business operations by keeping them connected to suppliers, customers and their sales force. Others may have a fear that technology will take over jobs from humans. They often have drawbacks or present challenges before they can deliver benefits. Without any delay, here’s a list of the most important benefits I believe global companies can derive from technology based on my experience using and implementing it. Greater transparency and interconnected operations: It’s not easy managing businesses with complex bureaucratic processes and countless types of transactions. Establishing an Internet presence is necessary even though your business may not be an ecommerce type business. About 80 percent … Websites allow customers to find answers to their questions after hours. There are challenges businesses need to deal with, primarily the employees’ resistance to change, lack or inadequacy of training, and choosing the wrong technology. Businesses that refuse to do so may be bound for failure. Such analysis when properly... 2. The role of technology in the business landscape cannot be overstated. “By training employees to perform these tasks and giving AI the tools it needs to succeed, organizations are getting an invaluable head start on AI implementation.”. This does not mean you should totally eliminate personal meetings and workplace inspections, but rather that you can reduce the need to be physically present in one location to work with other employees. There are endless examples of technology in business, including social media. The speed at which a computer is able to access information doubles about every 18 months, and Internet connection speeds are doubling even faster. First and foremost, technology affects a firm’s ability to communicate with customers. You may opt-out by. Serenity Gibbons is a former assistant editor at The Wall Street Journal. 4. In fact, with the advent of the PDA and other high-tech devices, developers are finding new and very innovative ways to assimilate these products into society. Unfortunately, many also lack the knowledge necessary to navigate a rapidly changing technological landscape. But early adopters understand that the technology is still in its infancy and embrace the challenges that accompany integration. It’s … A prime example of how technology has redefined business operations can be seen oni the use of social networking sites by advertising on YouTube, Facebook and Twitter. PDAs offers the ability to make phone calls, send email and instant text messages, take still photographs or videos, access the Internet and obtain information instantly and book flights and hotel rooms all from a small hand-held device. Resistance to change: Some employees simply don’t want to move beyond what they have been accustomed to. You may opt-out by. Technology makes it possible for businesses to operate efficiently and effectively with minimal manpower and helps to reduce the cost of doing business. “AI requires large amounts of clean, organized data to inform decisions — something many organizations lack,” says Vince Dawkins, president and CEO of Enertia Software, a developer of enterprise solutions for the upstream oil and gas industry. Inevitably, these jobs will require new skills and beget new business processes, though no one can say for sure what the future holds. Either way, it’s something businesses need to address. On the other hand, technology can help companies automate repetitive tasks that don’t require sophisticated decision-making. 5. “There is going to be a huge amount of job redesign,” says Emily He, Oracle’s senior vice president of human capital management. Cost reduction and profit boost: I've found that increased efficiency and productivity from technology can result in a decrease in operating costs (and a corresponding increase in profits). Some programs include notifications that alert the business owner when quarterly taxes and bills associated with operating costs need to be paid. “The redesign will be happening through the HR function, through leadership, as well as through the employees themselves,” observes He. Expertise from Forbes Councils members, operated under license. However, even the most advanced technology products are far from perfect. When it comes to sharing and processing business data, you can automatically gather, process, and present everything in a form everyone can use. Fast shipment options allow businesses to move products over a large geographic area. Their leaders are finding ways to incorporate advanced data analytics and automation into marketing, business development, customer service, and virtually every other business process. Serenity Gibbons is a former assistant editor at The Wall Street Journal. An Internet present gives businesses the ability to reach potential customers worldwide. At the same time, companies are increasingly looking for prospective hires who have the ability to work alongside machines. In today’s busy business environment, it is necessary for employees to interact with clients quickly and clearly. Because of its ability to streamline operating costs, technology delivers instant access to supplies and information, so businesses are better able to offer affordable pricing of goods and services without sacrificing quality.